Singapore-based venture capital firm Golden Gate Ventures will launch a $10 million fund for investments in blockchain and cryptocurrency companies, Reuters reported August 10.
Golden Gate Ventures (GGV), one of the leading venture capital firms
in Southeast Asia, will invest in early-stage companies including
cryptocurrency exchanges, security providers, and blockchain tech
startups through the LuneX Ventures fund.Local tech media platform e27 reports that the fund was launched through a partnership between GGV and Kenrick Drijkoningen, GGV’s former head of growth. Drijkoningen told e27 that LuneX Ventures has a “strong pipeline of five to 10 investments ready to go,” noting that they have made their first funding commitment to the Singapore-based Sparrow Exchange.
Drijkoningen also praised blockchain, referring to it as “a foundational technology, on par with or possibly exceeding the Internet in disruptive potential,” adding:
“Right now valuations have come down to more reasonable levels and the industry is moving from pioneers to early adopters, which is a great time to start investing."In June, private equity and venture capital firm Union Square Ventures (USV) reported that it has plans to invest in blockchain and cryptocurrencies over the course of the next 10 years, but will not establish a separate fund.
Earlier this week, the giant commercial state-run Bank of China had announced its plans to increase its investments in the research and development of blockchain and fintech, using around one percent of the bank’s operating annual income.
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